OFAC Sanctions Chinese Oil Refinery, Others Moving Iranian Oil
The Office of Foreign Assets Control this week sanctioned an oil refinery and its CEO for buying and refining hundreds of millions of dollars’ worth of Iranian crude oil, including from vessels linked to the Yemen-based Houthis.
Sign up for a free preview to unlock the rest of this article
If your job depends on informed compliance, you need International Trade Today. Delivered every business day and available any time online, only International Trade Today helps you stay current on the increasingly complex international trade regulatory environment.
The sanctions target the Chinese refinery Shandong Shouguang Luqing Petrochemical Co. Ltd. and CEO Wang Xueqing. OFAC referred to Shandong Shouguang Luqing Petrochemical as a "teapot" refinery, which are typically small, independent oil refineries in China.
The agency also sanctioned several vessels that are transporting Iranian oil, including ships carrying the flags of Panama, Barbados, Comoros and San Marino, as well as Hong Kong-based Astrid Menks Ltd. and Canes Venatici Ltd., Liberia-based Placencia Services Incorporation and China-based Citywallship Management Co. Ltd. for owning or managing those vessels.
The agency also sanctioned several other ship managers and owners in Hong Kong, the Seychelles, Panama and the British Virgin Islands.